Housing starts hit their lowest level in eight months in June, further evidence the economy lost momentum in the second quarter, but a rise in permits offered hope of a pick up in homebuilding.
Neither housing starts nor building permits offer much in terms of optimism. The up trends in velocity have been broken to the downside in both time series. A time series, just like economic activity, is either rising or falling at an increasing rate. Housing start and building permits are now falling at an increasing rate. This suggests further stimulus within the real estate sector upon general recognition and acceptance of these trends.
Building Permits And Change YOY:
Housing Starts And Change YOY:
Source: news.yahoo.com
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